Dentists and Prenuptial Agreements

Dentists and Prenuptial Agreements

Please note that the information provided herein is not legal advice and is provided for informational and educational purposes only. If you need legal advice, contact me (Michael Carabash) or David Mayzel.

Prenuptial Agreements | Marriage Contracts

A “PrenuptialAgreement” is a written contract between two people who intend to be married. A Prenuptial Agreement refers to the fact that it is entered into BEFORE marriage. During the course of the marriage, however, the couples may enter into a similar contract which is called a “MarriageContract”. The name doesn’t really matter: it’s just important to realize that they can be entered into prior to or during the marriage. These Agreements deal with the parties’ respective rights and obligations during and after their marriage (or on death) and can deal with things like: ownership or division of property, support obligations, the right to direct the education and moral training of children, and any other matter in the settlement of their affairs (s. 53 of the Ontario Family Law Act). Importantly, a Domestic Contract CANNOT say who will have custody of, or access to, children if the relationship ends. Furthermore, a Domestic Contract cannot prevent a spouse from being in possession of the matrimonial home – irrespective of who owns it! This is discussed in greater detail below. Finally worth mentioning is that a Domestic Contract does not need to deal with all rights and obligations concerning the relationship: it can only be concerned with one asset (e.g. a house, the shares of a dentistry professional corporation, etc.) or one obligation (e.g. support to one party upon termination).

When are they used?

Domestic Contracts are used by couples who are not necessarily living together but who plan on getting married. They are used by parties who want certainty, predictability and control over their financial affairs in case the relationship breaks down. There are a number of reasons why couples or particular spouses may insist in having a Domestic Contract. First, a spouse who is wealthier than the other spouse may want to avoid having to share their increased wealth if and when the marriage breaks down. With a Domestic Contract, certain assets – such as pensions, real estate, the shares of a dentistry professional corporation etc. – can be kept away from the other spouse if this happens. Second, a Domestic Contract can be used to make special arrangements for particular property in which one or both spouses have an interest. Such property may include business interests (e.g. dentistry professional corporations). A Domestic Contract may allow the parties to determine who owns what upon a breakdown of the marriage, instead of just having legislation and courts make that determination. Finally, a Domestic Contract can be used to establish specific spousal obligations in advance of the marriage breaking down.

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David Mayzel is your legal risk manager. He is a trained courtroom lawyer and has spent many years resolving disputes both in and out of court. He knows how to prepare documents and execute transactions in a way that avoids or mitigates legal risks. He can be reached at 416.528.5280. or david@dentistlawyers.ca.

Michael Carabash is your business law adviser. He is an entrepreneur at heart who helps you see the big legal picture. He drafts clear and effective agreements that protect your rights while promoting your interests. He can be reached at 647.680.9530. or michael@dentistlawyers.ca.

Ljubica Durlovska is your transition lawyer. She helps you with staff and associates, maintaining your corporation, and other business matters. She can be reached at 416.443.9280, extension 206 or ljubica@dentistlawyers.ca.

Jonathan Borrelli is your employment lawyer. He helps you with staff and associates matters, including hirings, terminations, switching staff to written contracts and resolving disputes. He can be reached at 416.443.9280, extension 204 or jonathan@dentistlawyers.ca.

Benjamin Kong is an experienced business law clerk. He assists David and Michael with corporate matters and purchase / sale transactions. He can be reached at 416.443.9280, extension 207 or benjamin@dentistlawyers.ca.

Julie Whitehouse is an experienced business law clerk. She assists David and Michael with corporate matters and purchase / sale transactions. She can be reached at 416.443.9280, extension 203 or julie@dentistlawyers.ca.

David, Michael, Ljubica, Jonathan, Ben and Julie are a truly dynamic team. Their diverse knowledge, skills, and experiences will help you get the best deal possible while promoting your interests and protecting your rights. You can read dentist testimonials here.